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Business & Finance Print edition: 2023-05-26

Forex reserves down $206m

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KARACHI: The country’s total liquid foreign exchange reserves declined by another $206 million during the last week. According to weekly report issued by the State Bank of Pakistan (SBP) on Thursday, the total liquid foreign exchange reserves held by the country stood at $9.731 billion as of May 19, 2023 compared to $9.937 billion on May 12, 2023.

SBP-held forex reserves fall $72mn, now stand at $4.31bn

During the week under review, the SBP’s reserves decreased by $ 119 million to $ 4.193 billion due to external debt payments. Net foreign exchange reserves held by commercial banks also declined by $ 87 million to $5.538 billion.

Copyright Business Recorder, 2023

SBP foreign exchange reserves SBP reserves external debt payments Pakistan forex reserves

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Tulukan Mairandi May 26, 2023 07:05am
$200 million used to buy PKR from open market, so it can gain PKR2 or 3, otherwise it would have tanked to 315.
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ALI RAZA Meghani May 26, 2023 08:31am
Un understandable Balance of payment positive but reserve down?
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Mehboob Ali Lalani May 26, 2023 09:05am
Continuously declining foreign exchange reserve badly impact on our currency values. This will hit the inflation further high. The net result will be more bearish market trend and less tax collection. To avoid this, we need to singularly focus on building foreign exchange reserves.
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